$INKT
MiNK Therapeutics, Inc.

2022 Q1 Form 10-K Financial Statement

#000156459022011026 Filed on March 18, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 2020 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.534M $11.20M $1.290M
YoY Change 662.08% 79.0%
% of Gross Profit
Research & Development $2.840M $13.97M $9.510M
YoY Change -8.32% 46.87%
% of Gross Profit
Depreciation & Amortization $27.08K $77.96K $35.91K
YoY Change 67.2% 41.59%
% of Gross Profit
Operating Expenses $7.374M $13.97M $10.80M
YoY Change 99.7% 46.87%
Operating Profit -$7.374M -$28.36M
YoY Change 145.14% 93.74%
Interest Expense $848.00 $2.432M -$6.280M
YoY Change -99.89% -0.38%
% of Operating Profit
Other Income/Expense, Net -$402.0K $628.9K $840.0K
YoY Change 326.52% -25.06%
Pretax Income -$7.777M -$30.21M -$16.24M
YoY Change 102.2% 86.05%
Income Tax
% Of Pretax Income
Net Earnings -$7.777M -$30.21M -$16.24M
YoY Change 102.2% 86.05%
Net Earnings / Revenue
Basic Earnings Per Share -$0.23 -$1.16
Diluted Earnings Per Share -$232.1K -$1.161M -$1.875M
COMMON SHARES
Basic Shares Outstanding 33.56M 26.03M
Diluted Shares Outstanding 33.50M 26.03M

Balance Sheet

Concept 2022 Q1 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.69M $38.89M
YoY Change 1345.06%
Cash & Equivalents $34.70M $38.89M $2.691M
Short-Term Investments
Other Short-Term Assets $788.4K $723.1K $914.0K
YoY Change -47.82%
Inventory
Prepaid Expenses $492.1K
Receivables
Other Receivables
Total Short-Term Assets $35.48M $39.63M $4.097M
YoY Change 867.46%
LONG-TERM ASSETS
Property, Plant & Equipment $665.2K $606.6K $458.0K
YoY Change 32.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $665.2K $606.6K $458.4K
YoY Change 32.33%
TOTAL ASSETS
Total Short-Term Assets $35.48M $39.63M $4.097M
Total Long-Term Assets $665.2K $606.6K $458.4K
Total Assets $36.14M $40.24M $4.555M
YoY Change 783.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.727M $2.996M $3.142M
YoY Change -4.65%
Accrued Expenses $2.653M $1.764M $1.859M
YoY Change 14.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.83M $16.47M $14.22M
YoY Change 15.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $383.1K
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00 $383.1K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.83M $16.47M $14.22M
Total Long-Term Liabilities $0.00 $0.00 $383.1K
Total Liabilities $18.83M $16.47M $14.61M
YoY Change -71.82%
SHAREHOLDERS EQUITY
Retained Earnings -$90.70M -$52.74M
YoY Change
Common Stock $384.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.31M $23.78M -$53.87M
YoY Change
Total Liabilities & Shareholders Equity $36.14M $40.24M $4.555M
YoY Change 783.42%

Cashflow Statement

Concept 2022 Q1 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$7.777M -$30.21M -$16.24M
YoY Change 102.2% 86.05%
Depreciation, Depletion And Amortization $27.08K $77.96K $35.91K
YoY Change 67.2% 41.59%
Cash From Operating Activities -$4.196M -$12.83M -$4.302M
YoY Change -0.29% 53.84%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $249.0K -$4.790K
YoY Change -100.0% 161.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$249.0K -$4.790K
YoY Change -100.0% 161.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 689.0 49.26M 5.868M
YoY Change -99.97% 343.5%
NET CHANGE
Cash From Operating Activities -4.196M -12.83M -4.302M
Cash From Investing Activities 0.000 -249.0K -4.790K
Cash From Financing Activities 689.0 49.26M 5.868M
Net Change In Cash -4.200M 36.20M 1.561M
YoY Change 123.32% 1413.2%
FREE CASH FLOW
Cash From Operating Activities -$4.196M -$12.83M -$4.302M
Capital Expenditures $0.00 $249.0K -$4.790K
Free Cash Flow -$4.196M -$13.08M -$4.298M
YoY Change -1.22% 55.06%

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(1) Description of Business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MiNK Therapeutics, Inc. (“MiNK” or the “Company”) is a clinical stage biopharmaceutical company focused on developing allogeneic invariant natural killer T (“iNKT”) cell therapies to treat cancer and other life-threatening illnesses.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred losses since inception and, as of December 31, 2021, had an accumulated deficit of $82.9 million. Since inception until the completion of the Company’s initial public offering (“IPO”), the Company financed its operations primarily through funding from Agenus Inc. (“Agenus”), its parent company. MiNK expects to continue incurring operating losses and negative cash flows for the foreseeable future. Based on the Company’s current plans and projections, MiNK believes its cash balance as of December 31, 2021 of $38.9 million will be sufficient to satisfy its liquidity requirements for more than one year from when these financial statements were issued.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management continually addresses the Company’s liquidity position and adjusts spending as needed in order to preserve liquidity. The Company’s future liquidity needs will be determined primarily by the success of its operations with respect to the progression of the Company’s product candidates and key development and regulatory events in the future. Potential sources of additional funding for the Company include: (1) pursuing collaboration, out-licensing and/or partnering opportunities for the Company’s portfolio programs and product candidates with one or more third parties, (2) securing additional debt financing and/or (3) selling equity securities. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MiNK’s product candidates are in various stages of development and significant additional expenditures will be required if the Company starts new trials, encounters delays in its programs, applies for regulatory approvals, continues development of its technologies, expands its operations, and/or brings its product candidates to market. The eventual total cost of each clinical trial is dependent on a number of factors such as trial design, length of the trial, number of clinical sites, and number of patients. The process of obtaining and maintaining regulatory approvals for new therapeutic products is lengthy, expensive, and uncertain. Because all of the Company’s programs are at an early stage of clinical development, the Company is unable to reliably estimate the cost of completing its research and development programs or the timing for bringing such programs to various markets or substantial partnering or out-licensing arrangements, and, therefore, when, if ever, material cash inflows are likely to commence.</p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">(c) Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases those estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. </p>
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1859000
CY2021Q3 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
In September 2021, the Company effected a 2.783-for-one split of the Company’s common stock.
CY2021Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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2.783
CY2021Q3 us-gaap Common Stock Shares Authorized
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0.006
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(13) Contingencies </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company may currently be, or may become, a party to legal proceedings. While the Company currently believes that the ultimate outcome of any of these proceedings will not have a material adverse effect on its financial position, results of operations, or liquidity, litigation is subject to inherent uncertainty. Furthermore, litigation consumes both cash and management attention. </p>
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